XRP is trading at $1.51, down 1.36% on the day, as massive whale withdrawals, 12 consecutive weeks of spot ETF inflows, and the public debut of a 473 million XRP corporate treasury build momentum following a 43% gain in the third quarter.
Exchange Reserves Shrink as Whales Accumulate
Data from CryptoQuant analyst Amr Taha reveals that Binance's XRP reserves fell from 2.704 billion to 2.631 billion XRP between September 26 and October 4. At the same time, South Korean exchange Upbit lost 31.6 million XRP between September 11 and October 5, taking combined exchange supply down by approximately 104.7 million tokens across both platforms.
Large-scale entities dominated these movements. On Binance, whale outflow dominance hit 84.2% on September 29, while retail's share dropped to 15%. Santiment data indicates that addresses holding between 10 million and 100 million XRP expanded their holdings to 13.8 billion tokens by October 6, up from 12.48 billion on September 6 after a sharp accumulation surge on September 24. Despite this accumulation, retail sentiment weakened, with Santiment's bullish-to-bearish ratio falling to 0.67 at the start of October, its lowest reading since August 17.
Institutional ETF Inflows and Nasdaq Treasury Debut
Institutional investors continue to show steady demand. XRP spot ETFs recorded net inflows for 12 consecutive weeks according to SoSoValue, adding $4.74 million last week compared to $75.6 million the week prior. Traders are monitoring these inflows closely alongside XRP technical patterns and open interest levels.
Investors will also gain direct public market exposure to XRP through Ripple-backed Evernorth. The company expects to complete its merger with Armada Acquisition Corp. II on October 7, with combined trading planned on Nasdaq under ticker XRPN on October 8. Evernorth will hold roughly 473 million XRP at closing, creating the largest publicly traded XRP treasury despite its valuation being 37% lower than at signing. Shares of Armada closed Monday at $38.65, representing a 142.02% gain over five days.
Key Takeaways
- 104.7 million XRP withdrawn from Binance and Upbit, driven by an 84.2% whale outflow dominance on September 29.
- Tier-one wallets holding 10M to 100M XRP grew their supply to 13.8 billion tokens by October 6.
- Evernorth merges with Armada Acquisition Corp. II to list on Nasdaq as XRPN with 473 million XRP.
- Binance open interest stands at $516.6 million, with technical levels targeting $1.62 on a four-hour close above $1.53.
Why It Matters
The alignment of declining exchange reserves, consistent institutional ETF demand, and Evernorth's Nasdaq debut provides structural support for XRP even as social sentiment dips. With open interest at $516.6 million compared to historical peaks of $1.3 billion, current price action is largely driven by spot accumulation rather than speculative leverage. Key upcoming catalysts that could dictate price trajectory include Evernorth's trading debut, Ripple's Swell conference, and the Federal Reserve's policy decision on October 27 to 28.
